MPCH, a cryptographic storage solutions provider, has entered a partnership with Canopius, a global specialty and property and casualty reinsurer, to offer digital asset custody insurance to its customers.
This alliance aims to provide an additional layer of security for digital assets protected by MPCH’s technologies.
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The insurance covers potential losses or damage to the physical security measures that could render the crypto assets irrecoverable.
MPCH’s cryogenic cold storage solutions are integrated with in-house developed Sensitive Compartmented Information Facilities, customised Hardware Security Modules based on zero-trust and zero-knowledge architectures, and Multi-Party Computation technology.
Canopius’ underwritten insurance product complements MPCH’s security offerings by providing an extra safeguard against the loss of digital assets.
MPCH CEO Miles Parry said: “Our partnership with Canopius marks the maturation of security in an increasingly tokenised ecosystem. By integrating MPCH’s cryptographic storage solution with Canopius’ insurance expertise, we have enhanced our capability to secure sensitive digital assets, thereby empowering our clients to confidently navigate the digital landscape. We are proud to offer scalable, bespoke insurance solutions that adeptly meet the unique challenges of private key protection.”
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By GlobalDataLast month, Canopius enhanced its cyber insurance capabilities through a partnership with Group-IB.
In other digital asset insurance news, insurance broker and risk advisor Marsh launched an insurance facility in March, targeting custodians of digital assets.
The facility provides up to $825m in insurance capacity and is available to Marsh clients worldwide, focusing on both cold storage and other custody solutions that are not entirely offline.
